Efficiency is one of the key drivers of success for any company and implementing an Enterprise Resource Planning (ERP) can maximize this metric for your business. If a department completes its work efficiently, business can proceed as planned. If there are lags due to slow, clunky software, lack of visibility, or even too many personnel, important metrics may suffer.
Finance in particular is one area that really benefits from improved visibility to streamline efficiency. If obsolete systems are used, or if unnecessary hiring in the department results in having employees in the wrong positions, the business as a whole can be slow to react and lose and revenue.
Fortunately, ERP software can be a great solution for automating more of the accounting process, and providing visibility to manage core business functions for optimal performance. When the necessary information is readily available to all decision makers, companies can benefit from greater time savings, smoother operations, and more.
What is an ERP Solution?
Enterprise resource planning software is a tool that businesses use for better management and integration of key functions. It works to consolidate several different processes, making them available through one centralized platform for greater efficiency.
Best of breed ERPs (we prefer Sage Intacct) are cloud-based solutions that users can access from an office, as well as remote locations. There are numerous options on the market that a company might consider, taking into account their unique goals to meet their business’s needs.
How Enterprise Planning Software can Help Your Business
What are some of the advantages that an ERP solution can provide for a business?
For one thing, these accounting solutions allow more functions and systems to be automated, helping to reduce a finance team’s headcount. When implemented correctly, dollars invested in this type of technology are well-spent, as the software goes a long way toward reducing expenses that go toward unnecessary accounting labor. A good ERP solution performs several different tasks that, in many cases, take the place of yet another team member. For example, ERPs can automate Inter-entity transactions, access real-time bank feeds, and even allow for multiple ledger types for various closing needs (Tax, GAAP, Other). By using the right ERP, businesses can keep their teams lean, and focus on maximizing their output.
Additionally, a high-end accounting solution is conducive to extensive workflows, cross functional access, and permissioning, leading to increased efficiency and real-time visibility for clear insights and quick decision-making. After all, executives and team leaders can’t make effective decisions without having an in-depth understanding of the company’s financial standing, trends, needs, and goals.
Finally, current enterprise resource solutions even allow for integration with best-in-breed operational solutions from payables and corporate card spend to dashboards and collections. The right platform will integrate with most of a company’s existing software, streamlining every-day, tedious tasks.
For businesses that have their sights set on rapid growth, choosing an ERP software can be a solution to increasing valuable time while reducing needless spending. Reach out today for details about implementing a strong software solution for your business.
